$850,000 Capital Raise to Accelerate the Pearl Copper Project

Golden Mile Resources Limited (“Golden Mile”; “the Company”; ASX: “G88”) is pleased to announce it has received firm commitments to raise $616,000 (before costs) from institutional and sophisticated investors and a further $234,000 from the Board of Directors and Management of Golden Mile Resources (subject to shareholder approval).

The Placement was strongly received from institutional and sophisticated investors.

HIGHLIGHTS

• Golden Mile has received firm commitments totalling $616,000 (before costs) via a Placement to institutional and sophisticated investors.
• The Board of Directors and Management have committed to subscribe for $234,000 in addition to the Placement, subject to shareholder approval.
• Golden Mile is well funded to deliver the maiden drill programme at the Pearl Copper Project, located in Arizona, USA.

Firm commitments have been received to raise $616,000 through the issue of 61,600,000 new, fully paid ordinary shares (“Shares”), at an issue price of $0.010 per Share (“Placement”). In addition, the Board of Directors and Management have committed to subscribe to a further $234,000 of Shares at an issue price of $0.010 per Share, subject to approval by shareholders (“Subscription”). The price of $0.010 per Share represents a discount of 23% to the 5-day VWAP of $0.013.

Shares issued through the Placement will utilise the Company’s existing capacity under ASX listing rule 7.1 and Shares issued under the Subscription will be subject to shareholder approval.

Sanlam Private Wealth Pty Limited (“Sanlam”) were the lead managers for the Placement. The Company will pay Sanlam a 6% capital raise fee and, subject to receipt of shareholder approval, issue Sanlam 12 million unlisted options with an exercise price of $0.02 expiring three (3) years from date of issue.

Shares issued under the Placement and Subscription will receive one (1) unlisted option for every 2 (two) Shares, subject to receipt of shareholder approval, with an exercise price of $0.02 expiring three (3) years from date of issue.

The Company is proposing to hold a shareholders’ meeting in December 2024 to seek approval for the issue of the options to Sanlam, the options to the Placement and Subscription participants and the Shares the subject of the Subscription.

Golden Mile’s Managing Director Damon Dormer commented: “These funds will allow the Company to accelerate its maiden drilling programme at the Pearl Copper Project targeting our priority 1, Odyssey prospect.”

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